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GE Vernova, a newly independent entity formerly part of General Electric, commenced trading on the New York Stock Exchange under the ticker “GEV” today, marking its independence along with GE Aerospace, another spin-off from GE. Both companies represent a significant restructuring of GE’s business, aiming to specialize in their respective fields more effectively.
GE Vernova is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses of Advanced Research, Consulting Services, and Financial Services. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it.
Scott Strazik, CEO of GE Vernova, stated the company’s dedication to advancing the energy transition towards a sustainable future. Focusing on Power, Wind, and Electrification segments, GE Vernova is set to play a crucial role in meeting the increasing demands for electricity, vital for health, safety, and quality of life improvements across the globe. With over 80,000 employees in more than 100 countries, GE Vernova boasts an extensive portfolio including the world’s largest installed base of over 7,000 gas turbines and about 55,000 wind turbines. This foundation allows the company to support approximately 30% of the world’s electricity production.
During its Investor Day in March, GE Vernova confirmed its financial outlook for 2024 and provided guidance for 2025, with expectations of mid-single digit organic revenue growth, a 10% adjusted EBITDA margin, and a 90-110% free cash flow conversion by 2028. The company operates within a $265 billion industry expected to grow to $435 billion by 2030, thanks to the rising demand for electrification and decarbonization. GE Vernova is strategically investing approximately $1 billion annually in research and development to spearhead innovations in energy transition technologies, aiming to capitalize on the projected doubling of generation capacity by 2040. This move underscores the company’s commitment to sustainability, innovation, and efficient execution as core principles of its operation. |
